jhg
You say, deflation is not the same as depression.
Actually, the definition of depression is four quarters of negative growth, something that usually (though not always)goes hand-in-hand with deflation, e.g., 1929 and Japan currently.
You also suggest that you dont want to try to sell an inventory of things that are deflating. Actually, you want to sell it as fast as you can, that is, turn the value in the "thing" into cash, which by definition in a deflationary environment is getting more valuable. But you're basic point is a good one, that the Dell model is more "bullet proof" in terms of deflation than, say, a capital intensive industry with a longer production cycle like automobiles.
Best,
--Steve
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